Browsing: Moody’s Investors Service

The Federal Government said since Nigeria was last rated by Moody’s as B1 stable in December 2016, the country had successfully emerged from a protracted recession and recorded important improvements across a broad range of indices.

“The associated local currency weakness increases the cost of servicing unhedged foreign currency debt obligations, reduces repatriated profits in foreign currency and lowers operating margins, as companies are not able to pass on high import costs to the consumer”, added Mr Bate.